Investing: Good Sports

Britain's Betfair, an online sports-betting exchange, has an unusual format and an unusual strategy for an Internet gambling company: it tries to be squeaky clean.

Unlike the majority of its online rivals that have set up shop in jurisdictions such as Gibraltar or the Isle of Man, Betfair is based on mainland Britain. And unlike most competitors, it won't accept bets from places where online wagering is illegal, including the U.S. Indeed, it doesn't actually book bets; rather, it matches up bettors, for a fee. The strategy has won it plaudits at home, including an award for enterprise from Queen...

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